Egyptian Parliament approved the New Investment Law’s amendments on Sunday, in the presence of Minister of Investment and International Cooperation (MIIC), Sahar Nasr, a Sunday statement of the MIIC said, noting that the New Investment Law was issued as per No 72 for 2017.
The amendments to the New Investment Law are crucial to attract more foreign direct investments (FDIs) to Egypt in light of the investment global competition, Parliament Speaker Ali Abdel Aal said.
Nasr stressed the new amendments’ importance as part of the quick response of the government to the business community demands, noting that the amendments include incentives to the international companies already investing in Egypt when injecting investments in the neediest areas.
The minister said that the companies will only benefit from the incentives when inaugurating new production lines with new Egyptian labour force in the governorates with the aim of diversifying the growth resources in the Egyptian market, according to Articles 11, 13 of the law.
The minister welcomed a new amendment that added a new article allowing the General Authority for Investment and free zones (GAFI) to calculate the foreign direct flows in order to accurately announce the investment figures.
The MIIC along with GAFI will continue working on enhancing the regulatory framework of investment in line with the international standards, Nasr asserted, noting that the MIIC coordinates with other governmental agencies in order to eliminate any obstacles that may face the investors in Egypt.
Egypt is Africa’s top FDIs destination with an increasing share of the global FDIs, the minister reassured.